THE MOST COMMON FORMS OF JOINT OWNERSHIP
 

1. Tenants in common.  Assets owned jointly that do not pass automatically without probate. Each tenant can freely will their interest away.
2. Joint Tenants.  Title passed automatically to the surviving owner upon death without probate. The surviving owners interest would normally be subject to probate. Capital gains taxes are paid on entire increase in value of investments.
3. Communitv Property.  Community property is the earned income and the property the acquired from the earnings of spouses during marriage. Each spouse owns their one half of the community and can will it away. A big capital gains advantage is provided in this form of ownership to the surviving spouse who acquires the asset.
4. Family Partnership.  This method is used to place the title of an asset rapidly increasing in value with the likely heirs in order to avoid estate taxes on the appreciated value, that would otherwise take place between the time of planning and the event on which taxes would be predicated.